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Futures drop as Bond Yields Tumble All Out Trade War Becomes "Base Case"
Yesterday's modest selloff has become an all-out rout, dragging world stocks lower for 4 of the past 5 days, with US equity futures tumbling and global markets a "sea of red" as fears grow that the China-U.S. trade conflict is fast turning into a "technology cold war" (something we warned about last December) and as Wall Street's denial is finally shifting to acceptance that a lengthy, all-out trade war is now inevitable, and the only way out and for someone to concede is for markets to plunge. Sure enough, that's what they are doing this morning.
While there were no major escalations overnight, China’s Commerce Ministry warned on Thursday that the United States needs to correct its wrong actions if it wants to continue negotiations with China, adding that talks should be based on mutual respect.
rrrrrrright-how much 'respect' did you have for us over the last 40+ years-Fuck off.
Asian stocks dropped for a third day, caving to a four-month low led by technology and communications firms, as the rhetoric between Beijing and Washington remained fierce while Europe’s bourses also fell as Brexit worries and gloomy data from Germany and the euro zone added to the nerves.
Over in the US, 30Y Treasury yields dropped to lowest level since January 2018, with the rally starting during Asia hours after China published commentary saying the U.S. wants to start a "technology cold war."
The 10-year is sitting just above the FRB discount rate-starting to regret dropping this now?-idiots only think of themselves.
Watch oil too
how pious can one be here?-what were you doing as our crooked politicians gave you our technology-again fuck you china.
Market Snapshot
S&P 500 futures down 0.8% to 2,833.50
STOXX Europe 600 down 1.3% to 374.40
MXAP down 0.7% to 152.74
MXAPJ down 0.9% to 499.21
Nikkei down 0.6% to 21,151.14
Topix down 0.4% to 1,540.58
Hang Seng Index down 1.6% to 27,267.13
Shanghai Composite down 1.4% to
2,852.52
Sensex unchanged at 39,111.07
Australia S&P/ASX 200 down 0.3% to
6,491.79
Kospi down 0.3% to 2,059.59
German 10Y yield fell 2.4 bps to -0.11%
Euro down 0.2% to $1.1132
Italian 10Y yield fell 1.1 bps to 2.26%
Spanish 10Y yield fell 1.8 bps to 0.85%
Brent futures down 1.4% to $70.02/bbl
Gold spot up 0.2% to $1,275.59
U.S. Dollar Index up 0.2% to 98.26
US Event Calendar
8:30am: Initial Jobless Claims, est. 215,000
prior 212,000; Continuing Claims,
est.1.67m, prior 1.66m
9:45am: Bloomberg Consumer Comfort,
prior 59.9; Bloomberg Economic
Expectations,
prior 50
9:45am: Markit US Manufacturing PMI, est.
52.7, prior 52.6; Services PMI, est. 53.5,
prior 53
10am: New Home Sales, est. 675,000, prior
692,000; New Home Sales MoM, est.
-2.46%, prior 4.5%
11am: Kansas City Fed Manf. Activity, est. 6
, prior 5
This evening we’re also due to hear from the Fed’s Kaplan, Daly, Bostic and Barkin when they speak on a panel, while over at the ECB we’ve got Guindos and Nowotny due. The ECB minutes from the meeting earlier this month are also due today. Of course, as mentioned at the top the EU Parliamentary elections also kick off today.
really pushing the FRB speech's now
https://www.zerohedge.com/news/2019-05-23/sea-red-sp-futures-bond-yields-tumble-all-out-trade-war-becomes-base-case
https://www.bloomberg.com/markets/stocks/futures
https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx
https://www.dailyfx.com/crude-oil
Hershey Trust sells again-Milton Hershey School is the trust- $30.78m-total of $542,996,922 since May 1st
Cap #1 is filed today, cap#2 is cumulative and also reflects cap#1.
The Milton Hershey School is a private philanthropic (pre-K through 12) boarding school in Hershey, Pennsylvania. Originally named the Hershey Industrial School, the institution was founded and funded by chocolate industrialist Milton Snavely Hershey and his wife, Catherine Sweeney Hershey. The school was originally established for impoverished, healthy, male orphans, while today it serves students of various backgrounds. The Milton Hershey School Trust, which funds the school, owns controlling interest in The Hershey Company and owns the Hershey Entertainment and Resorts Company (HE&R) which oversees many of the area hotels along with a theme park called Hersheypark. With over $12 billion in assets, the Milton Hershey School is one of the wealthiest schools in the world. The school is overseen by a Board of Managers.
https://en.wikipedia.org/wiki/Milton_Hershey_School
https://www.secform4.com/insider-trading/47111.htm
try these
=Mettler Toledo CEO sells shares-$24.63m-May 21-22
Cap#1 is today's filing, cap#2 is cumulative since mid february.
Mettler-Toledo International specializes in the design, manufacturing and marketing of precision instruments. Net sales break down by sector of activity as follows:
-
research and development in laboratories (51.2%): weighing solutions (analytical balances, precision balances, microbalances, mass comparators, etc.), pipetting systems, analytical instruments (thermal analysis instruments, titrators, pH meters, densimeters, refractometers and spectrophotometers), automated reactors, etc. ;
-
industries (41.3%): industrial scales, analysis systems, industrial inspection and control systems. The group also offers software solutions for weighing, measuring and identification, as well as solutions to monitor and control production processes;
-
distribution of food products (7.5%): weighing solutions (weight / price scales, counter balances, cash balances, etc.), packaging, pricing, packaging and labeling.
Net sales by source of revenue break down between product sales (78.3%) and services (21.7%).
Net sales are distributed geographically as follows: the United States (31.8%), Americas (5.9%), Germany (7%), France (4.8%), the United Kingdom (2.4%), Switzerland (2.2%), Europe (14.5%), China (17.2%) and other (14.2%).
https://www.marketscreener.com/METTLER-TOLEDO-INTERNATIO-13627/company/
https://www.secform4.com/insider-trading/1037646.htm
here is a different look at it.
just keep in mind all that done with our 'money'-it's not like they used hard assets to do it with. one of the reasons that we most likely own, at a federal level, many of the company's that benefited from all that cheap easy policy.
U.S. oil tumbles nearly 3% to 2-month low, drops beneath 200-day moving average
The U.S. oil benchmark on Thursday tumbled nearly 3%, taking the contract to its lowest level since late March as a broad aversion to assets perceived as risky gripped global markets, also knocking down equities.
West Texas Intermediate crude for July delivery CLN19, -3.17% on the New York Mercantile Exchange was off $1.78, or 2.9%, at $59.64 a barrel, which would place the most-active contract near its lowest level since March 28, according to FactSet data. Crude’s slide also took it below its 200-day moving average, a gauge of long-term momentum, at $60.55.
The day’s early action follows a 2.7% skid for the commodity that represented its largest single-session dollar and percentage drop since May 2.
Global benchmark July Brent BRNN19, -2.62% was off $1.79, or 2.5%, at $69.08 a barrel on ICE Futures Europe, which would represent its lowest level since April 1, after a 1.7% slump on Wednesday.
The flare-up in trade tensions between the world’s largest economies, U.S. and China, has raised doubt about near-term appetite for crude if a tariff conflict remains unresolved for a protracted period, market participants have said.
Commodity investors fear that those tariff tensions could intensify a deceleration of the global economy that appears to already be at hand in Europe. U.S. stock-market indexes, the Dow Jones Industrial Average YMM19, -0.92% DJIA, -1.34% and the S&P 500 index ESM19, -0.99% SPX, -1.23% were poised to fall sharply at Thursday’s start of trade, while stocks in Europe SXXP, -1.15% and Asia 000300, -1.79% were in retreat mode.
On the supply-demand side, crude’s downdraft took flight on Wednesday as the Energy Information Administration reported that U.S. crude supplies rose by 4.7 million barrels for the week ended May 17, marking a second weekly climb in a row. Analysts polled by S&P Global Platts expected a fall of 2 million barrels, on average. However, data from the American Petroleum Institute on Tuesday had shown an increase of 2.4 million barrels.
https://www.marketwatch.com/story/us-oil-stumbles-to-nearly-2-month-low-as-crude-set-for-third-straight-decline-2019-05-23
https://www.dailyfx.com/crude-oil
The old saying about gasoline prices is up like a rocket and down like a feather-forget who originally said it but true.
click
Deutsche Bank CEO pledges tough investment bank cuts as shares hit low
FRANKFURT (Reuters) - Deutsche Bank’s chief executive promised shareholders “tough cutbacks” at its underperforming investment bank on Thursday as he battled to convince them he can turn around Germany’s biggest lender, whose shares hit a record low.
anked as one of the most important banks in the global financial system, the bank has been plagued by failed regulatory tests, ratings downgrades, multi-billion dollar fines and management upheavals, with investment banking often the culprit.
Although Deutsche Bank posted its first profit in four years in 2018, it faces tough questions over its scrapped merger talks with Commerzbank, with some top shareholders calling for chairman Paul Achleitner to quit.
After years of failing to keep pace with Wall Street’s big hitters such as JP Morgan and Goldman Sachs, Deutsche Bank is being pushed to retreat from riskier investment banking and focus its effort on mainstream markets.
The investment bank generates about half of Deutsche Bank’s revenue but is also considered its Achilles heel, with European regulators fearful that it will fail the next round of stress tests in the United States.
“We will accelerate transformation by rigorously focusing our bank on profitable and growing businesses which are particularly relevant to our clients,” Chief Executive Christian Sewing told Deutsche Bank’s annual shareholder meeting.
“We’re prepared to make tough cutbacks,” he said, without elaborating on where in investment banking the cuts would occur.
Shares in Deutsche Bank, which have lost 38% since last year’s shareholder meeting, were down 2.8% at 6.43 euros at 1334 GMT, slightly off their earlier life-time low.
The German institution has long been a default source of lending and advice for German companies seeking to expand abroad or raise money through the bond or equity markets, a role which had the tacit backing of successive governments in Berlin.
https://www.reuters.com/article/us-deutsche-bank-agm/deutsche-bank-ceo-pledges-tough-investment-bank-cuts-as-shares-hit-low-idUSKCN1ST0EM